Former Bombay Stock Exchange (BSE) President Anand Rathi, on Thursday, said he would move Supreme Court against Mumbai High Court order dismissing his petition challenging the SEBI ban on his brokering firms. We will be filing our appeal to the Supreme Court challenging the dismissal of our petition, in a few days from now Rathi said from Mumbai. Asked whether other affected parties namely credit Suisse First Boston, Nirmal Bang and First Global, would join him, Rathi said that prima facie, the order covers all the entities, but it is upto them to settle the issue in the manner they wished to.
Quashing the appeal made by Rathi on grounds of violation of principles of natural justice, the Mumbai High Court had contended that Securities And Exchange Board of India (SEBI) being the market regulator had power under Section 11b of the SEBI Act to pass an urgent interim order of suspension if the need arose.

Asked about the grounds on which the appeal to the Supreme Court will be made, Rathi said he is yet to receive copy of the judgement and so the brief for the appeal will be constructed once that is received from the high court.
Bureau Report